The Advisory Committee on International Economic Policy submits this report on the Model Bilateral Investment Treaty in response to the request of the Department of State and the Office of the United States Trade Representative to establish a Subcommittee on Investment to review the Model BIT. The State Department and USTR asked that this Subcommittee on Investment devote attention, in particular, to three topics: (a) dispute settlement provisions; (b) state-owned enterprises; and (c) financial services issues. We believe that the attached Report of our Subcommittee on Investment is responsive to these questions and in addition addresses a number of other issues surrounding the Model BIT. We respectfully submit the Report for your consideration.

Yours truly,

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